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Build Company Value by Building a Brandby Phillip Davis Send Feedback to Phillip Davis naming a business, business naming straMore Details about naming a business, business naming stra here.
In fact, a lot of time and research has gone into defining the exact monetary value a good brand name delivers to the bottom line. And while some academicians claim they have actually derived that number (a 7 percent or greater pricing premium and over 35 percent greater market capitalization), the benefits actually go way beyond the balance sheet. Brilliant brand names point the way. They create expectations that can "pre-sell" and predispose a customer to buy. They imply a promise that will be met in the experience. Most of all, they enlighten. And that's where expertise comes in and guess work goes out. The basis of brilliant branding hinges on congruency. It's finding the thread of commonality that exists in an organization and then defining that quality in as simple and natural terms as possible. Congruency creates alignment; which in turn increases the power of attraction. Rather than coercing clients to buy products and services, customers gravitate toward them because they are intuitively named, defined and presented. Great branding can also comprise the cornerstone from which a company aligns itself. It's the invisible guide that instructs managers, staff, employees, vendors and customers concerning how to act and react in any given situation. If done properly, a good branding strategy, (executed throughout an entire corporation), will lessen the burden on management by intuitively directing the actions of all involved. In other words, a strong brand strategy gives rise to a corporate culture, which directs each member to behave in accordance with its implied mandate. In essence, the company begins to guide itself in a very zen-like fashion. The mission statement is instilled vs. enforced, and the process becomes smoother, easier and self-reinforcing. More profit. Greater congruency. Smoother sailing. That's what's in a name. At least that's what's in a brilliant name. So before you pull the winner from the fish bowl, give some consideration to the big picture. How can you incorporate your vision and direction into your name and not just build a business, but build a brand!
Phillip Davis is President of Tungsten Branding. Phil’s life goal of “creating environments where people thrive” reflects his desire to assist in personal, professional and business growth. Phil founded and ran a full service ad agency for over 17 years and now works full time as a company naming consultant. Phil resides with wife Michelle and four energetic offspring outside Asheville, North Carolina
Website: http://PureTungsten.com
Keywords: naming a business, business naming strategy, branding strategy, naming firm, naming company This article has been viewed 186 time(s).
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